ISLAMABAD: Pakistan and the Asian Development Bank (ADB) on Friday signed agreements for three major development initiatives worth $61.8 million to boost connectivity, urban transport and water sector in various parts of the country, state-run media reported.
The two side signed agreements relating to project readiness financing for the Karachi-Rohri Section of the Main Line-I, a critical link needed to transport copper and gold from the Reko Diq mine in southwestern Pakistan to export hubs, for $10 million.
Another project readiness financing agreement was signed for a bus rapid transit project in the southwestern city of Quetta worth $3.8 million. The last agreement pertained to additional financing for the Balochistan Water Resources Development Sector Project, which amounts to $48 million.
“The secretary, Ministry of Economic Affairs, expressed appreciation for ADB’s role as a trusted development partner, and its continued support to Pakistan to complement the development agenda of the country,” the state-run Associated Press of Pakistan (APP) said.
He said the critical projects would “significantly contribute” to Pakistan’s long-term and sustainable economic growth, address urban infrastructure needs of the provincial capital of Quetta, and enhance agricultural productivity in Balochistan.
ADB’s Country Director for Pakistan Emma Fan appreciated Pakistan’s commitment toward development initiatives.
“She also reaffirmed ADB’s continued commitment to working closely with the Ministry of Economic Affairs and other stakeholders to ensure its support remains aligned with Pakistan’s development priorities,” APP said.
ADB has undertaken initiatives to support Pakistan’s economic recovery by strengthening its public finances, social protection systems and helping Islamabad with its post-flood reconstruction efforts.
The bank says it has committed 764 public sector loans, grants, and technical assistance to the South Asian country totaling $43.4 billion to date.
